Absolutely nothing positive in the last financial results Financial Summary
For the three months ended June 30, 2024 , compared to the three months ended June 30, 2023 , the Corporation reported:
- net revenue declined by 2.8% to $12.3 million primarily due to reduced co-packing activity;
- wholesale sales volumes down 7.2% to 40,519 hectolitres (" hl ") compared to 43,660 hl;
- operating loss increased to ( $0 .7 million) from operating income of less than $0.1 million ;
- Adjusted EBITDA decreased to $0.2 million from $1.2 million . Adjusted EBITDA is a non-GAAP financial measure, see " Non-GAAP Measures ".
For the six months ended June 30, 2024 , compared to the six months ended June 30, 2023 , the Corporation reported:
- net revenue decreased 9.6% to $20.9 million from $23.2 million due to reduced co-packing activity and softer wholesale volumes;
- wholesale sales volumes down 5.9% to 72,871 hl compared to 77,438 hl;
- operating loss increased to ( $3 .0 million) from ( $0.1 million );
- net loss increased to ( $2.9 million ) from ( $0.6 million ); and
- Adjusted EBITDA decreased to ( $1.3 million ) from $1.9 million . Adjusted EBITDA is a non-GAAP financial measure, see " Non-GAAP Measures ".